Lloyd's of London v. Fidelity Securities Corp.

CATES, Judge.

This appeal comes from a nonjury trial in the Mobile Circuit Court with judgment against Lloyd’s of London for $495.58.

The action is on a “nonrecording” policy, 1 wherein certain underwriters at Lloyd’s (appellant) undertook to indemnify Fidelity (appellee) against “any loss direct” which it might sustain “only insofar as [Fidelity would be] damaged through being prevented from” (a) obtaining possession, or (b) enforcing its rights (or both) with respect to property covered by a chattel mortgage or a conditional sales contract “solely as the result of the failure of [Fidelity]…